2026 Fixed Income Research Summer Analyst Programme (London)

In the Research division, we offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions.

Since 1935, Morgan Stanley is known as a global leader in financial services, continuously evolving and innovating to better serve our clients and our communities in more than 40 countries around the world.

Placement and duration

The 10-week Fixed Income Research Summer Analyst Program is an opportunity to experience the culture and atmosphere of Morgan Stanley, beginning with one week of classroom training, followed by a rotational program on various Fixed Income Research strategy desks. The rotational program gives exposure to markets across foreign exchange, government bonds, corporate debt and emerging markets. Program features include a management speaker series, product area training, networking events, a charity event and a mentorship program. Throughout the summer, interns will receive regular evaluation and feedback to support with their continued development. The program partners closely with Sales & Trading, providing an opportunity for interns to develop their network with desks that are closely aligned to Fixed Income Research. By the end of the program Summer Analysts will have acquired an in-depth understanding of the role a full-time Analyst can play.

Training Program

The Program begins in June with a Firmwide induction and one week of intensive classroom training. This includes Research and Sales & Trading division-specific training where they learn core skills essential for success. The curriculum includes daily market updates, business-specific overviews, and basic product and technical training. Throughout the program interns will be assessed through individual and group project assignments. All Summer Analysts will be assigned a dean and a buddy by way of support.

Responsibilities 

Analysts will be given a specific project during each rotation focusing on anything from developing and pitching a trade idea to creating new valuation and trading models. The project will be presented to the research team at the end of each rotation. These projects would typically involve a combination of the elements below:

• Develop investment recommendations on Fixed Income Securities through the study of market fundamentals and technical research
• Help develop models to identify short term asset dislocations in real time
• Investigate solutions for clients longer-term asset allocation challenges (e.g. the optimal way to generate a 3% return over inflation)
• Assist with the day-to-day production of our research content
• Build a dialogue with our colleagues in Sales & Trading discussing market colour and the impact of incoming data on our published view

Qualifications, Skills and Requirements

• You are a penultimate or final year (including Masters) student with outstanding academic achievements, and on track to achieve a minimum of 2.1 honours degree or equivalent in any degree discipline.
  • You possess intellectual curiosity, focus and creativity, and have a keen research instinct with creative problem-solving abilities
  • You show initiative and are also able to work collaboratively and effectively in a dynamic team environment
  • You have an analytical approach to tasks, understand basic econometrics and are willing to learn use of statistical packages: e.g. Eviews, Matlab, R, Stata
  • You are open to learning programming languages
  • You are fluent in English and have excellent verbal and written communication skills
  • You have an entrepreneurial spirit, and are driven to deliver results
  • You are committed to maintaining high professional and ethical standards

It is essential to provide accurate details in the application forms, including an up-to-date CV and cover letter as we cannot guarantee you will be able to edit this after submitting your application. In the case that you are permitted to edit your application, it will cause significant delays to your candidacy.

What you can expect from Morgan Stanley

We have a track record of innovation and passion for unlocking new opportunities, we help our clients raise, manage and allocate capital. We do this by offering a wide range of investment banking, securities, wealth management and asset management services. All that we do at Morgan Stanley is driven by our five core values: do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. These aren’t just beliefs, they guide the decisions we make every day, ensuring we do what's best for our clients, communities and more than 80,000 employees around the world. And at the core of our success are the people who drive it - relentless collaborators and creative thinkers who are fuelled by diverse thinking and experiences. Wherever you are in our 1,200 global offices, you’ll have the opportunity to work alongside the best and the brightest in an environment where you are empowered to achieve your full potential. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices into your browser.